The agreement, with Blackstone Energy Partners LP, Blackstone Capital Partners VI LP, and affiliates, is to finalize and execute definitive agreements to purchase new senior subordinated pain-in-kind units of CEP.

CEP’s pending decision covers construction of the first two of four modular liquefaction trains at its Sabine Pass terminal in Cameron Parish, La., which now has 4 bcfd of regasification and sendout capacity (OGJ Online, Dec. 20, 2011).

The company estimates cost of the first two trains, with nominal capacities of 4.5 million tonnes/year of LNG each, at $4.5-5 billion before financing costs.

It would use proceeds from the new financing for the equity portion of costs of developing, building, and placing into service the liquefaction equipment; closing the purchase of the 94-mile Creole Trail pipeline from Cheneire Energy Inc.; and other partnership business.